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Mortgage, Part Exchange and New Build
LianFB
Posts: 2 Newbie
Hi, so really confused, we are looking at a new build for £275,000, Our house is currently worth £220,000 with a mortgage of £145,000, we want to use £55,000 of our Equity on our deposit and get a Mortgage for £220,000, which our mortgage broker says we will get easily. What I'm confused about is if I part ex do they just take the £75000 Equity? I wanted to keep £20,000 back and im guessing they dont transfer you it if Its part exchange, I cant find answer anywhere?
I hope it makes sense and someone can help?
I hope it makes sense and someone can help?
1
Comments
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Has the developer valued your property at £220,000 on the open market or is that the price they are allowing against your new build?
You will get back £20,000 via your solicitor if all the numbers stack up.0
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